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The DIBS Method... No Free Lunch continues

  • #421
  • May 21, 2008 11:53pm May 21, 2008 11:53pm
Quoting bogus
A loss on N/J but the signal was valid.I was wrong, but check out how wrongNZ/D worked out but no signal.
Hi bogus,

Did you take that last short trade on the right hand side of the chart? If so, it looks like you would have had a BE trade if you took profits at 1:1. The long red candle's range looks like it would have exceeded the distance from the entry to the stop loss placed just above the inside candle. I did the same thing a few nights ago. Didn't take profit at 1:1 and then price turned around and hit my stop loss for a small loss on the trade. That's what I get for not watching the trade...lol.
  • #422
  • May 22, 2008 12:07am May 22, 2008 12:07am
Hi Dave, you're right, I would have been ok, but I entered after the bar before the inside one was pierced.Its something Im going to do some testing on. The speed it dropped looked good, but then it turned around and took off.It being under the weekly open kept me out of the next inside bar.Cheers, Bogus
Quoting ozziedave
Hi bogus,

Did you take that last short trade on the right hand side of the chart? If so, it looks like you would have had a BE trade if you took profits at 1:1. The long red candle's range looks like it would have exceeded the distance from the entry to the stop loss placed just above the inside candle. I did the same thing a few nights ago. Didn't take profit at 1:1 and then price turned around and hit my stop loss for a small loss on the trade. That's what I get for not watching the trade...lol.
FF journal: Peaks and Troffs
  • #423
  • May 22, 2008 12:18am May 22, 2008 12:18am
It is now about 05:00GMT and there is an IB in the G/U chart. I drew the open line for that hour.The next bar started v e r y close to the bottom of IB, so when the price droped, I took the SELL.
I have read the posts regarding S/R lines and so on, so I put the daily PP and FIB on the chart, before the trade. The situaton is so that the open line is slightly above the 50% FIB, which suggest a movement u p to the 61.8% level.
I took the trade any way, to check the power of the method, as I am still in demo.

Shefa.
  • #424
  • May 22, 2008 12:21am May 22, 2008 12:21am
Here is the chart of my GBP/USD SELL trade.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd 60 min.gif Size: 41 KB
  • #425
  • May 22, 2008 1:07am May 22, 2008 1:07am
Quoting Shefa
Here is the chart of my GBP/USD SELL trade.
I didnt take that one as it's up trend in 1 hr, 4hr and d1 chart. but u never know, good luck
  • #426
  • May 22, 2008 1:21am May 22, 2008 1:21am
N/U break out up, u guy took this one?
  • #427
  • May 22, 2008 1:30am May 22, 2008 1:30am
Not me, no inside bar. The NZ budget came out today, I guessed people liked it.
Quoting robincys
N/U break out up, u guy took this one?
FF journal: Peaks and Troffs
  • #428
  • May 22, 2008 1:39am May 22, 2008 1:39am
Quoting bogus
Not me, no inside bar. The NZ budget came out today, I guessed people liked it.
The closing bar and the bar before formed an IB, right?
  • #429
  • May 22, 2008 1:53am May 22, 2008 1:53am
Swissy retraced to the 50% fib and heading south again...??
Attached Image
  • #430
  • May 22, 2008 1:53am May 22, 2008 1:53am
Quoting robincys
I didnt take that one as it's up trend in 1 hr, 4hr and d1 chart. but u never know, good luck
You are right.
I laiter(?) recognized it was the 1.9700 point, and also touching the 20 EMA from above..
At the moment it does not look so good - a bed way to start the day.......
Where is god ?

Shefa.
  • #431
  • May 22, 2008 1:53am May 22, 2008 1:53am
Hello guyz,I have been reading this thread quietly and i think i have achieved 75% success trading the G/U,E/U and U/chf within the time zone as specified by PC.I remember PC said in the other thread that DIBS system works well in all time frames and i'd like to ask, how do we trade this simple and effective method on daily time frame, my confusion has been 'wot determines an opening for trading the daily time frame?'Thanks Guyz
  • #432
  • May 22, 2008 2:00am May 22, 2008 2:00am
So, S.L. was hitted, and I am 2x-24pps = -48 pps at the beginnig of the day.
Just sharing............

Shefa.
  • #433
  • May 22, 2008 2:23am May 22, 2008 2:23am
On both my MT4 plattforms, price broke above by 2 pips, so no inside bar for me.
Quoting robincys
The closing bar and the bar before formed an IB, right?
FF journal: Peaks and Troffs
  • #434
  • May 22, 2008 2:51am May 22, 2008 2:51am
Quoting bogus
On both my MT4 plattforms, price broke above by 2 pips, so no inside bar for me.
The 3rd last candle in my odl mt4.
Attached Image (click to enlarge)
Click to Enlarge Name: h1 nu.gif Size: 13 KB
  • #435
  • May 22, 2008 3:03am May 22, 2008 3:03am
I get you now, I tought you meant the initial break. No, I didn't take it. It came up to resistance, so I decided to pass.
Quoting robincys
The 3rd last candle in my odl mt4.
FF journal: Peaks and Troffs
  • #436
  • May 22, 2008 3:06am May 22, 2008 3:06am
Quoting Naijafx
Hello guyz,I have been reading this thread quietly and i think i have achieved 75% success trading the G/U,E/U and U/chf within the time zone as specified by PC.I remember PC said in the other thread that DIBS system works well in all time frames and i'd like to ask, how do we trade this simple and effective method on daily time frame, my confusion has been 'wot determines an opening for trading the daily time frame?'Thanks Guyz
Hello, Naija

I guess Peter Crown said that if you were using this method in D1 or more, you should use week's open or even month's open. I remember also that it was a simple method that he used for years of live trading with big traders/big money, and, according to him, these guys NEVER look 15M charts...

Maybe you'll need a "little" more patience trading it in Daily, but it may work well too!

Success!

HT
Many share my views with me. But I don't share them with them...
  • #437
  • May 22, 2008 3:12am May 22, 2008 3:12am
Quoting bogus
I get you now, I tought you meant the initial break. No, I didn't take it. It came up to resistance, so I decided to pass.
I dont see the resistance but I noticed SS is at overbought range, maybe u r right. but I started the game, let it finish.
  • #438
  • May 22, 2008 3:43am May 22, 2008 3:43am
I played with lux's indicator a little and loaded it up on the dailys, WoW there are some great trades but also there are much bigger stops involved too. on the crosses for example there were mult 1000 pip plus runs, but were talking 100 to 200 plus pip stops and 200 to 400 pip retracements to hold the trade thru to get the 1000 plus pips. I'm not to a place in my trading where I'm up 500 pips and can hold it thru a 300 pip retrace before it turns and continues up. Just my thought.
  • #439
  • May 22, 2008 3:48am May 22, 2008 3:48am
Quoting Naijafx
Hello guyz,I have been reading this thread quietly and i think i have achieved 75% success trading the G/U,E/U and U/chf within the time zone as specified by PC.I remember PC said in the other thread that DIBS system works well in all time frames and i'd like to ask, how do we trade this simple and effective method on daily time frame, my confusion has been 'wot determines an opening for trading the daily time frame?'Thanks Guyz
Here's the response from Peter that talks about the higher time frames:


Quoting PeterCrowns
Absolutely!

A method is pretty hard to trust if it only works on one timeframe.

For the 4/6/8 hour charts and daily charts you check to see if you are up or down versus last week's close. Take buys if you are above, sells if you are below.

Monthly position can also be checked, depending on how long term you are willing to be. Personally, I am not willing to remain in a trade 1 minute longer than absolutely necessary if it is going against me, but I'm willing to hold for months if a trade is going my way in a larger trend. Swings and all. You do get used to them after you start collecting some gargantuan profits.

And a few words about the alleged "pissing match", "war of words", etc., someone might think was going on....

I take trading seriously. I don't believe in wasting my time. Others can, but trading is my livelihood. I don't screw around in word or deed. I make mistakes. Maybe posting here was one of them. I am quick to correct my mistakes.

There are "secrets" of trading that are known to a few of us. These secrets buy our multi-million-dollar homes and lives of relative security.

Some of them are very simple- but not known or able to be exploited by many. You actually only need one good one to gain entry to a world that no one ever really sees, until you're there yourself.

Winners tend to hang out with winners. When other winners see you're capable, and can execute consistently for a few years, they want to know you, what you are doing. They share what they are doing, because they know you won't be cavalier and shit on them or others like them.

And, contrary to some common beliefs, not all breakouts are the same. I know which breakouts have 2 - 5 times the edge of similar-looking breakouts others take, get frustrated with, and likely lose money trading if they don't have perfect skills.

I'm happy to help people if they aren't idiots and if I have some free moments.

I definitely don't know everything; in fact I know very little for sure, and even less the longer I live. When I'm wrong, I correct myself quickly with no ego involvement. Hesitation has little reward in life and none in trading. In trading I stay wrong for only brief periods of time and encourage you to act the same.

Have a good trading day.

-Peter-
  • #440
  • May 22, 2008 3:52am May 22, 2008 3:52am
Quoting Shefa
Good Morning HT,

Thanks for your remarks.
Personaly, I do not like the SAR indicator. But, as you mentioned it, I put it on the USD/CHF chart, and it did do the work. This trade of mine was stoped with 30 pps trailing and yielded only 18 pps, for the second minilot.

Today is a holiday in Europe, so can we expect to a quite boring day - or the opposite ? What do people think ?

Let's have a successful day,

Shefa.
Good morning! You're welcome! 5:30am here in Brazil... everybody sleeping...

Parabolic SAR is fitting to me just fine so far, but I don't use the standard (0.02) values of the MT4 indicator, I use it set to 0.06... of course, it's a very personal choice...

I took 65 pips yesterday just using this method of trailing my stop on the CHF move...

Personally, since I started to use DIBS I had something like 70% winning, but I really like to "keep an ear on the ground" and do not take EVERY DIBS trade. Stay in the sideline on news, on big holidays (today, in Europe... maybe the US session will have some action?) don't take those IB's that com after a HUGE move (they often retrace more than the IB...), see which currency is in a "hot hand"... those kinds of things that make me scratch my head because of my lack of patience ... LOL... but it pays off....

Additionally, as Peter said, I'm only trading the big four (EUR/USD, GBP/USD, USD/JPY and USD/CHF).

Just as a remark, cause I see lots of potential trades on other pairs/crosses, but I don't get those trades: If we don't get the big guys interested on it, who is going to move the market?

Cheers!

and PIPs!

HT
Many share my views with me. But I don't share them with them...
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